Being Social

Saturday, October 30, 2010

During the Great Depression our government deemed it illegal to own gold and forced the citizens of the US to sell it to them. Via Wikipidia:

Executive Order 6102 required U.S. citizens to deliver on or before May 1, 1933 all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67 per troy ounce. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of the order was punishable by fine up to $10,000 ($166,640 if adjusted for inflation as of 2008) or up to ten years in prison, or both.

Wouldn't it have been handy for them to have know who owned gold? With the passage of ObamaCare it has become easier for our government to track owners of gold and force them to give it up if so deemed. Via Numismaster:

Passage by Congress of the national health care legislation has had an unintended consequence to the nation’s coin collectors, vest-pocket dealers who buy and sell coins, and larger dealers who are frequent buyers of coins that collectors periodically liquidate as they trade up their collections for better coins, or simply sell to take a small profit or loss.

What has happened is that effective Jan. 1, 2012, the whole system of giving and receiving Internal Revenue Service 1099 forms will be turned on its head and all persons (including corporations) who are in business will now have to give 1099 tax reporting forms for coins and other goods that they sell as well as buy.

Polifrog doubts that David Price knew that ObamaCare would require purchases of gold to be tracked as David Price did not have the fortitude to read the ObamaCare bill prior to signing it. David Price did lend his support to ObamaCare, though, and is rightfully bound to its awfulness.

David Pricer's is a failed representative and should sink with his legislation